HILL TAX BRIEFING: Yellen Banks on Corporate Push for OECD Deal

Treasury Secretary Janet Yellen said she expects U.S.-based multinationals will lobby congressional Republicans to support an overhaul of global tax rules.

The two-part deal, facilitated by the Organization for Economic Cooperation and Development, will require congressional backing. The deal calls for a change to the way the profits of the world’s largest multinationals are reallocated—known as Pillar One—and a 15% global minimum tax rate—known as Pillar Two.

The Biden administration aims to move the 15% minimum tax in its stalled budget reconciliation bill, which wouldn’t require any Republican support if all 50 Senate Democrats get on board. Senate Finance ...